Minister of Trade, Industry and Commerce, George Hutson, poses with some of the scholarship winners
Too many Barbadians are caught in the debt trap!
That’s the word from Minister of Trade, Industry and Commerce, George Hutson, who voiced this concern while addressing the Barbados Police Co-operative Credit Union Limited’s scholarship awards ceremony at the Lightfoot Lane, St Michael financial institution, on Wednesday.
He said that far too many adults and parents were caught up in a lifestyle of instant gratification. Mr. Hutson added that some persons had lost the virtues of saving and thrift and this was fuelled largely by an environment of easy credit.
Consequently, the Trade Minister stated that the values taught to us by our parents and grandparents of putting aside for a rainy day and saving up to buy some special item had been lost.
“More and more people find themselves in a debt trap, and are unable to get out. This is compounded each month, by high interest charges and late penalties which are the sources of many health problems such as high blood pressure, stress and depression,” Mr. Hutson emphasised.
The Minister lauded the Police Credit Union for encouraging young people to save.
“I urge you to continue saving and I request that you in turn, appeal and encourage siblings and friends to join a credit union, in particular, the Junior Savers Award Scheme.”
He further added that: “Savings and the investment of those savings, will lead to the creation of wealth. Investment managed properly, creates wealth, gives you the power to choose to chart a course of self development, and be the best you can be,” he said.
During the ceremony, 17 youth savers were presented with scholarships of $500 each for outstanding performance in this year’s Common Entrance Examination.